Resurfacing an April 2025 update: Ather Energy IPO reached 28% subscription on Day 2, retail quota fully booked

Resurfacing a move from April 29, 2025: Ather Energy's IPO was subscribed 28% by the end of Day 2, with the retail investor portion fully subscribed. The source URL cites 0.24x overall subscription, indicating figures may reflect different update times.

— FiledFri, 28 Aug, 2026, 12:32 IST·First seen Fri, 28 Aug, 2026, 12:31 IST·Source Inc42 · Quick Commerce

What happened

Ather Energy’s IPO was subscribed 28% by the end of Day 2, while the retail investor portion was fully subscribed. The source URL separately cited overall

Key facts

  • 28% overall subscription by Day 2
  • Retail portion 100% subscribed
  • 0.24x subscription cited by source URL
  • Published April 29, 2025, 19:43 IST

Why this matters

The IPO provides a mixed valuation signal for EV peers: retail appetite is evident, but incomplete total subscription may constrain read-through on strategic deal multiples.

What to watch

  • Final subscription multiple and the QIB/NII split at book close.
  • Reconciliation of the 0.24x versus 0.28x reported overall-subscription figures and the relevant reporting timestamps.
  • Anchor book composition, lock-up structure, and any notable institutional allocations.
  • Grey-market premium trend in the days before allocation and listing.
  • Listing-day broader equity-market conditions and sentiment toward Indian new-age/EV issuers.
  • Post-IPO evidence of delivery growth, margin improvement, reduced cash burn, and charging-network utilization.
  • Track final-day qualified institutional buyer, non-institutional investor, and employee-category subscription separately from retail demand.
  • Assess whether late institutional bids are concentrated among a small number of investors or represent broad book quality.
  • Compare issue valuation with listed two-wheeler and EV peers, focusing on revenue growth, gross margin trajectory, cash burn, and path to profitability.
  • Monitor grey-market premium and anchor-investor disclosures as directional, not definitive, indicators of listing-demand expectations.
  • Watch management commentary on use of proceeds, manufacturing expansion, charging-network investment, and competitive response from incumbent OEMs.